Silver drops 1.38% to $26.59, pressured by strong US Dollar.
Key support levels at $26.51 and $26.06 eyed amid bearish momentum.
Reclaiming $27 could push silver to test resistance at $27.56 and $28.00.
Silver's price extended its losses for the third straight day and stayed below $27.00 amid increasing geopolitical fears spurred by the Middle East conflict. Despite that, the grey metal failed to gain traction, capped by the rise of US Treasury yields and a strong US Dollar. The XAG/USD trades at $26.59, down 1.38%.
XAG/USD Price Forecast: Technical outlook
Silver's struggle to remain above $27.00 could pave the way for a deeper pullback and test key support levels. Momentum favors sellers, as the Relative Strength Index (RSI) remains in bearish territory.
The XAG/USD first support would be the August 5 low of $26.51, followed by the 200-day moving average (DMA) at $26.06. Once those levels are surpassed, the next demand zone will be the March 27 pivot low at $24.33.
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